→ CONSUMER LOAN

CONSUMER LOAN

Its time to fill your dream home with smart gadgets like Consumer Durables. You can explore the electronics from the best brands. 

Select the electronics, appliance or any other product you want, talk to our representative, and convert the cost of your purchase into easy EMIs with consumer durable loans from CITO Nidhi Ltd and keep your cash flow untouched. 

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15 Days

Rs. 10,000 - 1 Lac 

Loan amount
10 Years

1 yr

Period
Interest

PF - 3.00 % + GST

Charges and Fees
Features and Benefits
  • Can be opened by all individuals including Minors under Guardianship
  • Minimum deposit amount can be invested from Rs 500/- and in multiples of Rs 100/-. 
  • Deposit period ranges from 12 months to 60 months
  • For Women Depositors 0.50% and for Senior Citizen Depositors 0.75% Extra interest on above rates
  • Nomination Facility Available, Loan Facility Available.
  • Pre-Mature Closure is allowed, subject to applicable norms.
Terms and Conditions
  • For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month. 
  • A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
  • The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
  • Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
  • All resident Individuals, Salaried / Self-employed concerns can avail
  • Simple Documentation.
  • Easy EMI payments Option.
  • Hypothecation in favor of CITO Nidhi Ltd.
  • Pre-Mature Closure is allowed, subject to applicable charges.
  • CIBIL deviation allowed on satisfactory justification
  • For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month. 
  • A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
  • The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
  • Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.

Interest Rates Chart for Different Tenures

Loan AmountMinimum Rs 10,000/-  Maximum Rs 1.00 lakh
Repayment Tenor1 Years
Processing Charges3.00% on Loan Amount + GST
Foreclosure Charges4% on Loan outstanding.
Legal & TechnicalRs 2000/- upto Loan Amount Rs 5.00 Lakhs and Rs 4000/- for Loan Amount above Rs 5.00 lakhs.
Primary SecurityHypothecatin of Consumer  Durables in favor of CITO Nidhi.
GuaranteeN.A.
Collateral SecurityN.A.
Co-ApplicantCo-Applicant should be Spouse or any Blood relative acceptable to Bank.
Other Terms & Conditions
  • For Self-Employed:- Business vintage should be minimum  years and above and proof to be submitted
  • Latest 2 years ITR/Income Statement/ Purchase Bills/ GST/ Bank Statement or any other business income proof to be submitted. Loan can be sanctioned without ITRs / Income proof under Income Assessment Program, but minimum income threshold of Rs 20,000/- per month is mandatory.
  • For Salaried:- Minimum 2 years employment proof with 6 months salary slips along with Bank Statement
  • Borrower Minimum age at application - 25 years and maximum age at loan maturity - 65 years. 
  • Residential & Business stability- 3 years in the current residence & business place
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Mortgage Loan policy on delayed payments
  • Own House proof Mandatory (Borrower or Co-Borrower).
  • 3 PDC  Cheques should be submitted
  • Loan amount will  be paid directly to the Distributor / Supplier vide cheque or RTGS/NEFT
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.